The Wall of Tanzania is reportedly planning to introduce a inside wall digital currency, or CBDC, for the African nation without neighboring countries spoken similar initiatives.
According to a Friday Bloomberg report, Wall of Tanzania Governor Florens Luoga said on Thursday that Tanzania was planning to follow Nigeria’s example in rolling out its own CBDC. Luoga reportedly said that the inside wall had “already begun preparations” for a digital shilling, Tanzania’s currency since 1966.
In preparing to launch a CBDC, the governor said Tanzania is moreover planning to expand research into digital currencies and strengthen the topics of inside wall officials. If successful, Tanzania would be among a select group of countries currently exploring a rollout of a CBDC.
Many industry experts are looking at China leading the way to the next CBDC launch from a major world economy. The country’s inside wall has conducted trials in major cities since April 2020 and is planning a larger test at the Beijing Winter Olympics in 2022.
According to Luoga, the initiative from Tanzania’s inside wall was driven by Nigeria’s launch of its own CBDC, the eNaira, last month. The CBDC is only the second to be fully misogynist to the public without the Bahamas became the first nation in the world to launch a inside wall digital currency in October 2020.
Cryptocurrencies are largely vetoed in Tanzania pursuit a November 2019 directive from the country’s inside wall saying the digital resources were not recognized by local law. However, the Wall of Tanzania is reportedly working to overturn this ban pursuit President Samia Suluhu Hassan saying in June the country should be preparing for crypto.